S&P 500 futures hit record high as Trump rally returns

S&P 500 index futures hit a record intraday high on
Wednesday, pointing to a revival of the post-election rally, encouraged
by President Donald Trump's push for pro-growth policies.

Traders work on the floor of the New York Stock Exchange
(NYSE) in New York City, U.S., January 24, 2017. REUTERS/Brendan
McDermid

REUTERS: S&P 500 index futures hit a
record intraday high on Wednesday, pointing to a revival of the
post-election rally, encouraged by President Donald Trump's push for
pro-growth policies.

* The S&P 500 and the Nasdaq Composite
closed at record levels on Tuesday after Trump signed executive orders
to move forward with the construction of two oil pipelines.

* Trump also pushed the Big Three U.S. automakers to establish manufacturing plants in the country.

* The Trump rally ran out of steam in recent
weeks as investors fretted about the lack of detail on growth
initiatives such as tax and regulatory reforms that Trump had promised
during his campaign.

* The dollar dropped to a near seven-week low
on Wednesday of 99.84 as concerns about Trump's protectionism stance on
trade lingered.

* A largely positive fourth-quarter earnings
season also buoyed sentiment. Of the 79 S&P 500 companies that have
reported earnings so far, nearly 70 percent have beaten expectations,
according to Thomson Reuters I/B/E/S.